On May 31, the Theosophical Society Adyar ... signed a 43-year lease with the Shiv Nadar Trust (Shiv Nadar is an Indian billionaire industrialist) ceding control of Damodar Gardens, a 14-acre plot of land in Besant Nagar, on which the Shiv Nadar Trust will establishing a school, hostel and quarters for teachers and staff. So the two entities signed a Rs 512 crore land deal [USD 64 Mio.] .....The annual rent that TS will charge SNT for the first and second year would be Rs 1.42 crore and Rs 3.42 crore. From the third year onwards, the rent would be Rs 6.83 crore [USD 0,85 Mio.] with an increase of 2.5% per year, as IndiaTimes, TheNewsMinute or Theos Talk (see below) reported.
It's about 4 years ago, that TS Adyar made a similar deal, at that time it was leasing 7 acres land at Damodar Gardens in Besant Nagar to TVS Educational Services to set up an international school, skill development center and a football stadium, as IndiaTimes or this newsletter reported.
In contrast to the deal four years ago, there is a statement from the TS itself about the current deal, see The Theosophist, Vol. 143, No.10, July 2022, page 41, wherein no numbers are given (except for the size of the leased land), but concerns regarding nature are met:
The process leading up to this moment was 2-1/2 years in the making [as an "outsider" and probably also a ordinary member of this TS, this is the first time you hear about it]....
The school will be constructed.... not only be “carbon-neutral” but will actually be “carbon-positive”, creating an environmental benefit by removing carbon dioxide from its environment. No old growth trees will be cut down or damaged during the course of construction, and any trees that are encroaching on built spaces will be moved and planted elsewhere on the grounds.
And the fears that people don't like this deal seem to be coming true. There is a Facebook post about it, reported by Theos Talk, with about 200 comments and they are mostly negative, f.e.
We don't want already mushrooming international schools ......let this stay as it is
Very sad to hear this.. Some one should stop this. Wat's the use of a international school..at that place by destorying all natural sources.
Very bad decision..You are increasing the Chennai temperature.You will destroy the thousands of trees and birds..
And so on. Additional revenue of $0.85 million per year is a lot of money. And as shown, not the only such deal. But there are also those (on Theos Talk), who believe that TS has been taken for a ride with a fixed inflation rate of 2.5%, talking about a "give away" or a "sweat heart deal". 20 years 10% inflation with 2.5% compensation makes it 0.2 million per year (in purchasing power compared to today).
IndiaTimes reported also:
The deed empowers the trust to run Olcott Memorial Higher Secondary School and Adyar Theosophical Academy without altering their basic charter. The first is completely free, while the second was established to be non-competitive and free from fear of results. [see comment here (Theos Talk)]
“The Shiv Nadar Foundation aims to establish a world-class K-12 school in Chennai, which will be a progressive, ecologically sensitive school with the highest international standards....” said Shiv Nadar Trust.
Calls for transparency become loud, also the question of whether this is still non-profit. And other details have become known from the contract itself (not verified) and it becomes partly unclear (source also Theos Talk):
- 1) In the contract, the TS is allegedly referred to as a religious organization, which raises questions, see here, because it is assumed Theosophy is not a religion and TS not a religious organization
- 2) The school rental agreement is between Theosophical Society an a so far not known Theosophical Education Society, see here and here
So of course many questions arise f.e. here or here.
It will be interesting to see how this story continues. When it comes to real estate, things are likely to remain exciting in Chennai anyway because:
It's about a claim of 81 acres of land at the TS Chennai Estate (purchased by Anny Besant 1908 from the prince of Arcot) because a letter has come in the name of the heirs of the fifth prince of Arcot, asking for the return of the land acquired as a legal purchase: 'We want to get this land back and use it properly.' [so] confusion has arisen among the members and administrators of the TS.
And this is no joke, reported in this Newspaper via Theos Talk.
Is the TS preparing for something bigger, we don't know? Or was it just a favorable opportunity to get some lift from the structural problems of declining revenues due to falling membership numbers, but at the same time constantly rising costs?
What do you think: